Tax
Tax News & IRS Insights for Accounting Professionals
Accounting Today delivers news and analysis for accounting and tax professionals on federal and state tax developments, IRS guidance,information reporting, and operational implications for practices and clients. Our coverage focuses on legislative and procedural shifts that tax practitioners must monitor in planning, compliance, and advisory contexts.
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Chicago attorney Robert Wayne Hallock was sentenced to serve two years in prison for a tax evasion charge.Hallock, formerly a partner at the law firm of Kirkland & Ellis LLP, was found guilty of attempting to evade taxes on more than $1 million in income following a weeklong trial in October. He will serve two years of supervised release after his release from prison.
February 20 -
The Internal Revenue Service said that it will renew contracts with two out of the three private agencies it signed to participate in a pilot program outsourcing debt collection. Conspicuously absent from that announcement was the fate of that third agency.The IRS said yesterday that it would extend the contracts of Waterloo, Iowa-based CBE Group Inc. and Arcade, N.Y.-based Pioneer Credit Recovery Inc., a unit of SLM Corp. The new contract will run through March 8, 2008.
February 16 -
Actor Paul Hogan, best known as the star of the “Crocodile Dundee” film triology, has been formally linked to court proceedings involving Australia’s largest-ever investigation of tax fraud.According to the newspaper The Australian, a string of nearly two dozen companies associated with Hogan, his financial adviser Anthony Stewart and his artistic collaborator John Cornell, have been cited in federal court relating to an alleged $300-million fraud.
February 15 -
Pharmaceutical giant Merck & Co. announced that it would settle a number of tax disputes with the Internal Revenue Service at a net cash cost close to $2.3 billion.
February 15 -
The Internal Revenue Service and the U.S. Treasury announced that they have released guidance on the estimated tax penalty for citizens or residents of the United States living and working abroad.The Tax Increase Prevention and Reconciliation Act of 2005, which was enacted in May 2006, changed the maximum amount of foreign earned income and housing costs that can be excluded from gross income -- increasing the maximum amount of foreign earned income that may be excluded from gross income to $82,400 and limiting the amount of housing costs that may be excluded or deducted.
February 15 -
Wolters Kluwer Tax, Accounting & Legal announced that it will open an office in India for its CCH unit and other related businesses.
February 14 -
Somewhere in my parents’ attic, there resides a copy of Vanilla Ice’s debut album, “To the Extreme.”
February 14